BERKELEY, Calif., March 13 Nile Therapeutics,Inc. (OTC Bulletin Board: NILT), today announced its fourth quarter and fullyear financial results for 2007. Participants may access the archived webcastof the conference call from the investor relations section of Nile's websiteat www.nilethera.com. The webcast will remain available on the company'swebsite until the next quarterly conference call.
For the fourth quarter of 2007, Nile reported a net operating loss of $2.7million, or $0.11 per share. For the full year, net operating loss was $9.5million, or $0.56 per share. Weighted average shares outstanding for thefourth quarter and for all of 2007 were 24.1 million and 16.9 million,respectively.
Nile reported no revenue during the fourth quarter and grant income of$0.1 million during 2007. For the fourth quarter and for all of 2007, Nilereported net interest income of $0.2 million and net interest expense of $0.8million, respectively.
As of December 31, 2007, Nile had cash and cash equivalents of $16.2million compared to $18.0 million at September 30, 2007. Cash and cashequivalents declined $1.8 million in the fourth quarter of 2007 from the thirdquarter of 2007 as cash was used for operations.
About Nile Therapeutics
Nile Therapeutics, Inc. is a clinical-stage biopharmaceutical company thatdevelops innovative products for the treatment of cardiovascular disease andother areas of unmet medical need. Nile is initially focusing its efforts ondeveloping its lead compound, CD-NP, a novel chimeric peptide in clinicalstudies for the treatment of heart failure, and 2NTX-99, a small molecule,pre-clinical, anti-atherothrombotic agent with nitric oxide donatingproperties. A key component of the company's strategy is to acquire the globalrights to additional compounds to expand its portfolio. More information onNile can be found at www.nilethera.com.
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 that involvesubstantial risks and uncertainties. All statements, other than statements ofhistorical facts, included in this press release regarding our strategy,future operations, outlook, milestones, the success of Nile's productdevelopment, future financial position, future financial results, plans andobjectives of management are forward-looking statements. We may not actuallyachieve these plans, intentions or expectations and Nile cautions investorsnot to place undue reliance on our forward-looking statements. Actual resultsor events could differ materially from the plans, intentions and expectationsdisclosed in the forward-looking statements we make. Various important factorsthat could cause actual results or events to differ materially from theforward-looking statements that we make are described in greater detail in thereports we file with Securities and Exchange Commission, including the "RiskFactors" section of our Prospectus filed pursuant to Rule 424(b)(3) of theSecurities Act of 1933, as amended, with the Securities and ExchangeCommission on November 15, 2007. Nile is providing this information as of thedate of this press release and does not undertake any obligation to update anyforward-looking statements as a result of new information, future events orotherwise.Contact: Daron Evans Chief Financial Officer Nile Therapeutics, Inc. 510-281-7700 [email protected]
SOURCE Nile Therapeutics, Inc.